The post Memecoin revival drives Solana DEX Raydium past Tether in fees appeared on BitcoinEthereumNews.com.

Solana-based decentralized exchange (DEX) Raydium has outperformed stablecoin giant Tether in daily fee generation. According to data from DeFiLlama, Raydium generated over $15 million in fees in the last 24 hours, surpassing Tether’s $13 million during the same period. Top 5 Crypto Platforms by Fees and Revenue (Source: DeFiLlama) Over the past week, Raydium’s fee revenue reached an impressive $81.2 million, positioning it as the second-highest earner in the DeFi ecosystem. Tether retained the top spot in weekly fee generation. Market observers attribute this growth to the resurgence of the memecoin trend, which has fueled increased trading volumes on the Solana-based platform. Notably, Raydium’s volume has outshined Uniswap, the leading DEX operating across nearly 20 networks, including Ethereum and layer-2 solutions like Base and Arbitrum. Top 2 DEX by Volume (Source: DeFiLlama) During the week, Raydium handled a staggering $30 billion in trading volume, far exceeding Uniswap’s $19 billion. This milestone illustrates the rising popularity of Solana-based platforms as traders seek high-speed and low-cost alternatives. Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies. Source: https://cryptoslate.com/insights/memecoin-revival-drives-solana-dex-raydium-past-tether-in-fees/

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Filed under: News - @ November 20, 2024 2:27 pm